『Real Estate Underground』のカバーアート

Real Estate Underground

Real Estate Underground

著者： Ed Mathews
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概要

Real talk from an operator who learned real estate the hard way.


Ed Mathews analyzed 1,100+ deals before buying his first property in 2011. Frozen in fear. He made every mistake, all while traveling 150+ nights a year working for some of Silicon Valley's top companies. 100+ deals later, he shares what actually works and what doesn't.


Each week, Ed brings you candid conversations with experienced operators, investors, and syndicators. No hype. No theory. Just real deals, real lessons, and the street-level intelligence you won't find anywhere else.


You'll hear about:


  • Deals that worked (and the ones that didn't)
  • What we learned when contractors ghosted and we had to step in
  • How to vet opportunities when everyone else is sitting on the sidelines
  • Conservative underwriting in markets that punish optimism
  • Systems that protect capital when deals go sideways


Whether you're analyzing your first deal or your hundredth, this is the conversation you'd have over coffee with someone who's been there, made the mistakes, learned the lessons and built the track record.


New episodes weekly.

© 2026 Clark St Holdings LLC マネジメント・リーダーシップ マーケティング マーケティング・セールス リーダーシップ 個人ファイナンス 経済学
エピソード
  • The Cincinnati Mistake That Built a $2 Billion Company with Joe Fairless

    The Cincinnati Mistake That Built a $2 Billion Company with Joe Fairless
    2026/03/10

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    Joe Fairless built Ashcroft Capital into one of the most recognized multifamily syndicators in the country — $2B+ in assets, properties across the Sunbelt, and a vertically integrated management company. But he started with $30K, student loans, and an apartment in New York where one paycheck covered rent and the other covered everything else.

    In this episode, Joe gets candid about the deals that didn't work, the market conditions that are keeping multifamily investors in a holding pattern, and the one acquisition strategy most operators are completely ignoring right now: going direct to the lender.

    Here's what we cover:

    • Why Fort Worth and Orlando are Ashcroft's two highest-conviction markets heading into late 2026
    • How Joe acquired a property for less than the outstanding debt — and what it took to get there
    • The lender relationship play that gives you first look at off-market distressed deals (even if you don't have your own management company)
    • Where the supply/demand shift is — and why Q3 2026 is the number operators keep landing on
    • Joe's personal 3.5% math: out of 140 LP deals across 50+ operators, what's actually gone to zero
    • The fixed vs. floating rate lesson that still stings
    • How Joe defines success — and it has nothing to do with deal count

    Joe also shares his three bucket list goals for the year. One involves a fifth grader with a 2040 chess rating. That's all we're saying.

    This week's book: The Road Less Traveled by M. Scott Peck

    Elevista - Speed as a Service™
    Elevista Connect is the first AI-powered lead conversion system built for real estate investors.

    Heads up: If you find this week's book intriguing and you buy using our link, we receive a small commission that helps support the show. Thank you!

    🎧 Subscribe to Real Estate Underground for weekly insights on building wealth through real estate, without sacrificing your sanity.

    Additional Resources:

    • Clark St Capital -> Passive real estate investments for busy business owners and executives
    • Elevista -> AI SaaS for real estate investors
    • Clark St Academy on YouTube -> Learn how to invest in real estate

    Social Media:

    • LinkedIn -> Ed Mathews (President at Clark St and Elevista)
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    32 分
  • Deal Junkie Diaries: Michael Pouliot Talks Strategy for 2026 and Beyond

    Deal Junkie Diaries: Michael Pouliot Talks Strategy for 2026 and Beyond
    2026/03/03

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    In this episode, Ed welcomes Michael Pouliot of Carbon Real Estate Investments, a vertically integrated private equity firm operating workforce housing apartments across the Southeast.

    Pouliot explains Carbon’s buy box: 100–300 unit, older vintage (1970s–1990s) properties in strong school districts and stable submarkets, targeting families and raising rents about 20% through substantial CapEx that prioritizes deferred maintenance alongside unit upgrades.

    They talk about navigating Sunbelt challenges like insurance and taxes by avoiding high-risk areas, staying conservative in underwriting, and emphasizing strong entry pricing. Pouliot shares a bullish view that the next 12–18 months are a strong buying window as the market works through distress, debt maturities, and oversupply absorption, with more constructive sentiment and capital expected around 2027–2028.

    He outlines Carbon’s strategy for 2026: keep buying with fixed-rate, low-leverage debt, hold long-term, and offer investor liquidity via recapitalizations rather than selling assets.

    The conversation also covers regional scaling for operational efficiency, selective adoption of AI tools (voice/chat agents, SOP knowledge bases, automation) to augment staff, and Pouliot's perspective on purpose, mentorship, lifestyle trade-offs versus Wall Street, and how he defines success. Pouliot closes by directing viewers to investwithcarbon.com for Carbon’s weekly newsletter and content.

    00:00 Cycle Outlook 2027-2028

    00:11 Show Intro and Mission

    00:52 Welcome and Subscribe

    01:42 Meet Carbon Real Estate

    02:44 Insurance and Tax Headwinds

    05:07 Buy Box and Resident Avatar

    07:01 Why Stable Markets Win

    08:34 Distress Deals and Assumable Debt

    12:29 Oversupply and Absorption Math

    14:58 Strategy for 2026

    18:41 Vertical Integration and CapEx

    20:32 Tech and AI in Property Ops

    14:23 AI Ops Automation

    23:28 Human Touch Investing

    24:31 Real Estate Tech Lag

    25:19 Deal Junkie Purpose

    26:23 Paranoia Prevents Errors

    28:26 Wall Street What Ifs

    33:38 Learning Diet Books

    35:56 Defining Success Seasons

    38:19 Life Outside Real Estate

    41:05 Where To Follow Carbon

    This week's book: How Countries Go Broke by Ray Dalio

    Elevista - Speed as a Service™
    Elevista Connect is the first AI-powered lead conversion system built for real estate investors.

    Heads up: If you find this week's book intriguing and you buy using our link, we receive a small commission that helps support the show. Thank you!

    🎧 Subscribe to Real Estate Underground for weekly insights on building wealth through real estate, without sacrificing your sanity.

    Additional Resources:

    • Clark St Capital -> Passive real estate investments for busy business owners and executives
    • Elevista -> AI SaaS for real estate investors
    • Clark St Academy on YouTube -> Learn how to invest in real estate

    Social Media:

    • LinkedIn -> Ed Mathews (President at Clark St and Elevista)
    続きを読む 一部表示
    43 分
  • From Prison to Paradise: Fuzzy Jardine and The Pono Way

    From Prison to Paradise: Fuzzy Jardine and The Pono Way
    2026/02/24

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    This week, Ed welcomes Hawaii-based real estate developer and educator Fuzzy Jardine to Real Estate Underground.

    Fuzzy shares his background growing up in Hawaii, getting into trouble with drugs and alcohol, going to prison, and using that time to educate himself with books like Rich Dad Poor Dad.

    After struggling to find work as an ex-con, he took multiple jobs, then invested $26,000 in real estate education after hearing about Fortune Builders, and learned to find deals through strategies like bandit signs and Craigslist ads. He explains how taking action led him from deal-finding to partnering with a local developer and eventually building 100+ affordable homes for local families on a more rural island, typically priced around $300K–$425K.

    Fuzzy talks about “The Pono Way,” emphasizing respectful, ethical investing, illustrated by a deal where a distressed homeowner was helped with housing, a car, and additional funds while the investors still profited. He also describes co-founding the Hui Mastermind with Asha Smith, including webinars, bus tours showing the full build process, meetups, and master classes teaching how to get started in real estate and fund deals without traditional bank financing.

    In a lightning round, Fuzzy says family is his main purpose, shares advice about being on time and owning mistakes quickly, reflects on saying yes too often and taking responsibility for a project headed toward a loss, and names motivators he follows on YouTube and podcasts.

    Check out Fuzzy's book, “Out of Paradise: How to Build Wealth Investing in Real Estate the Pono Way,” and shares where to find him online: fuzzyjardine.com, huimastermind.com, Instagram @hifuzzy, and YouTube “Investing in Hawaii.”

    00:00 Take Action Mindset
    00:11 Show Intro and Opportunity
    00:52 Meet Fuzzy Jardine
    01:54 From Prison to Real Estate
    05:58 Why Building Homes
    08:33 Finding Deals and First Partner
    10:03 Working Three Jobs to Learn
    12:30 The Pono Way Ethics
    15:58 Hui Mastermind Origins
    19:15 Lightning Round Purpose
    20:28 Mentors and Hard Lessons
    23:21 Books and Writing His Own
    24:43 Defining Success and Fun
    26:40 Where to Find Fuzzy
    27:24 Final Thanks and Call to Action

    This week's book: Rich Dad, Poor Dad by Robert Kiyosaki

    Elevista - Speed as a Service™
    Elevista Connect is the first AI-powered lead conversion system built for real estate investors.

    Heads up: If you find this week's book intriguing and you buy using our link, we receive a small commission that helps support the show. Thank you!

    🎧 Subscribe to Real Estate Underground for weekly insights on building wealth through real estate, without sacrificing your sanity.

    Additional Resources:

    • Clark St Capital -> Passive real estate investments for busy business owners and executives
    • Elevista -> AI SaaS for real estate investors
    • Clark St Academy on YouTube -> Learn how to invest in real estate

    Social Media:

    • LinkedIn -> Ed Mathews (President at Clark St and Elevista)
    続きを読む 一部表示
    29 分
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